June 18th, 2012

Hungary construction sector decline slows to 4.8% yr/yr in April

Output of Hungary’s construction sector was down 4.8pc in April from the same month a year earlier according to both unadjusted and calendar year-adjusted data, the Central Statistics Office (KSH) said on Monday.

The decline slowed from a steep 12.6pc contraction in March and a 15.2pc decline yr/yr decline in February. Part of the slower decline reflects a low base.

Construction sector output rose 1.5pc from the previous month after a slight 0.2pc rise in March and month-on-month drops in the preceding three months, seasonally- and workday-adjusted figures show.

January-April output was down 9.3pc from the corresponding 2011 period, according to both unadjusted and calendar year-adjusted data.

Output of the building segment was down 3.4pc, the contraction slowing down from a steep 17.6pc decline in the previous month. The segment has contracted in a year-on-year comparison each month since February 2011.

Output of the civil engineering segment dropped 6.4pc after falling 5.3pc in the previous month. The sector has also been contracting steadily apart from September and November-December 2011, registering double-digit growth in the latter two months.

New orders arriving in April were up 71.4pc in twelve months as new orders in the building segment rose 40.1pc and new orders in the civil engineering segment were up 91.9pc, thanks to some large-value contracts signed for railway reconstruction projects and public utilities orders and a low base.

Despite the sharp rise in new orders, total contracts held for the sector were still down 11.2pc yr/yr. The stock of orders has dropped steadily since August 2010.

The stock of orders for buildings was down 31.0pc yr/yr in April and the stock of civil engineering orders rose 1.8pc in the period.

Hungary’s construction sector output fell 7.8pc in 2011. Output of the building segment fell 11.3pc and output of the civil engineering segment was down 3.8pc last year.

The sector’s output has fallen every year since 2006.

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